Translation and interpretation business plans are required for the funding of any start-up or existing business of a company that offers translation services to clients. The content of the business plan varies depending on the length of time in business and the precise service suite the company offers, but for the most part the same commonalities will arise in the plan no matter what the company's growth stage situation may be. Important questions like whether you offer in-person (live) translation or simply work with texts need to be answered clearly. Also, what are the languages you work with? Do you focus solely on Spanish to English translations, or offer a wide range of language expertise? Your business plan needs to cover all of the following:
• List all of your available languages and describe the entire service suite
• Provide a three-year personnel plan showing when new people will be hired
• Look closely at the competitors in your regional market
• Offer an assessment of all of the potential market opportunities you'll pursue
• List out the industries you target most heavily (business, law, etc.)
Your plan will also need to include a section that talks about how you will market the business. What advertising methods can help your company get more clients in the translation market space? Where can you promote your interpreters' skills to get higher visibility for your firm? Lay this out in a basic marketing and implementation plan. Your business plan should also have a three-year pro forma financial model including a revenue forecast, break-even point, profit and loss, balance sheet, and cash flow analysis. MasterPlans can write this entire plan for you if you're better at translation that market analysis or financial modeling. Our team of experts can deliver for you in as little as ten days. Call toll-free: 877-453-2011.
